Broker awaits sentencing for $660,000 theft
05 August 2013
Victorian broker Bruce Wickett will be sentenced on Friday for stealing more than $660,000 of clients’ money…
Regulatory & Government
ASIC bans Perth broker Barr
05 August 2013
The Australian Securities and Investments Commission has permanently banned a Perth-based broker for misleading and deceptive conduct…
ICA dismisses call for protection levy
05 August 2013
The Insurance Council of Australia has rejected the suggestion that a new levy on bank deposits should be extended to insurance policies to increase consumer protection…
ASIC to scrutinise authorised reps’ PI cover
05 August 2013
The Australian Securities and Investments Commission is to check that financial advisers’ authorised representatives have adequate professional indemnity cover…
ASIC proposes new record-keeping rules
05 August 2013
The Australian Securities and Investments Commission is consulting on new record-keeping requirements for financial services licensees that provide advice to retail clients…
APRA to monitor reform progress
05 August 2013
The Australian Prudential Regulation Authority will assess how its recent reforms are tracking before introducing further changes…
ASIC cracks down on consumer credit insurance mis-selling
05 August 2013
The Australian Securities and Investments Commission is on the lookout for mis-selling of consumer credit insurance, after a study raised concerns about customer experiences when lodging claims…
Queensland to slash directors’ liability
29 July 2013
Queensland will cut back on its “draconian” directors’ liability laws, Premier Campbell Newman says…
NSW greenslip reforms ‘will cut premiums’
29 July 2013
Compulsory third party insurance reforms in NSW would bring lower premiums, the Insurance Council of Australia told a roundtable at Parliament House last week…
Law service calls for progress on affordability council
29 July 2013
The Federal Government’s slow progress setting up the National Insurance Affordability Council is causing concern, as rising premiums leave many people without cover for natural disasters…
ASIC receives significant breach alerts
29 July 2013
Insurers and brokers notified the Australian Securities and Investments Commission of 37 significant Australian financial services licence breaches in the first half…
ASIC accused of failing on NRMA ‘deception’
29 July 2013
The Australian Securities and Investments Commission has been accused of failing to deal with a complaint against NRMA Insurance…
Disability inquiry to cover insurance law
29 July 2013
The Australian Law Reform Commission will examine insurance law as part of an inquiry into potential legal barriers for disabled people…
‘Double charging’ worries callers to FSL Monitor
22 July 2013
The Victorian Fire Services Levy Monitor’s office received 578 calls to its hotline between its launch on January 30 and March 31…
NSW CTP ‘unsustainable’: Suncorp
22 July 2013
The NSW compulsory third-party scheme is on an unsustainable path, according to Suncorp Commercial Insurance EGM Chris McHugh…
Woolworths ditches ‘misleading’ ads
22 July 2013
Supermarket chain Woolworths will change an advertising campaign for car insurance after the Australian Securities and Investments Commission labelled it potentially misleading…
Tower meets regulator over solvency margin
22 July 2013
Tower is in talks with the Reserve Bank of New Zealand about proposed conditions on its licence, including an increase to the minimum solvency margin…
ASIC keeps an eye on PIS compliance
22 July 2013
An independent expert is to continue monitoring Professional Investment Services, after the Australian Securities and Investments Commission expressed concerns about compliance at the dealer group…
NIAC to link up with reinsurance pool corporation
15 July 2013
The Australian Reinsurance Pool Corporation is to provide secretariat support services to the National Insurance Affordability Council…
APRA survey highlights regulatory burden
15 July 2013
The financial services sector is increasingly concerned about the burden of regulation, according to a survey on the Australian Prudential Regulation Authority’s performance…